Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1887-06-15
day from a number OF correspondents of

seem TO have been the origin of the ru-
mors circulated to-day. The officials of
the Fidelity Bank are making q rigid
search for the author of the circular. In
stead of anything in the likeness Of run,
the bank was busy receiving deposits.
This phase Of the Chicago wheat panic
has caused much feeling here.
The Commercial Gazette Will in IFS ed
| itorial columns tomorrow speak of it
thus: yesterday afternoon during the.
decline of wheat at Chicago this city was
full of rumors. Among rhG sc was dis
patches that the Fidelity National bank
was affected. We visited that bank aud
we are authorized by its president, Mr..
Briggs, to say that the Fidelity n ;tionsl
bank is 10 no way, directly or indirectly,
concerned with the so-called dea! and
cannot be affected by the result. There
is not in the Fidelity bank dollar of Sc
curity in the shape of Chicago wheat
warehouse receipts for loans, and no
loans of any kind in connection with Chi
cago transactions that are not perfectly
good"
AT MILWAUKEE.
MILWAUKEE, WIS, jane 1.-THE sud-
den drop in wheat at all the great grain
centers caused intense excitement on
Change to-day. Three failures were an
nounced, viz, Frank Wilson; Joseph
Wilde and Hill, Fleitzheim & Co, the
latter being the Milwaukee branch of G.
J. Kershsw & Co. of Chicago. Hooker,
CrIttenden & Co. closed out all their
trades. Their failure depends on the
ability OF the Kershaw crowd to meet all
their obligations.
SCENES NEVER WITNESSED BEFORE.
MILWAUKEE, Wis, June 14.-Such
scenes of wild excitement as were wit
messed on Change to-day have never been
known here When the break came
everybody frantically tried to sell wheat
and nobody wanted to buy. In short
time July wheat had sold off from SOsc
to 774c, while September dropped
from 79c to 754c. Snort
ly before noon Hill, Fletzieim
& Co, were compelled 70 announce their
suspension. They had been buying for
KerShaw & Co., of ChiCsgo, were dissp-
pointed in remittsnces expected from
KershGw, and being also pressed by
other houses to whom they were in
debted they yielded to the pressure.
Their suspension dragged down Hooker
& Co. and Frank Wilson, each of whom, |
it is understood, called for $4,000 in |
margins, failing 70 get which they were
compelled to give up. Hill, FieetZheim |
& Co. claim that the money needed by
them will be forthcoming tomorrow, in !
which event Hooker, Crittenden & Co. |
will resume.
John Wilde, broker, announced his ina |
bility to obtain margins this afternoon. |
1t is believed other houses will find them |
selves in deep water tomorrow. More |
than in aggregate. The bear element is |
strongest on the local board, but thst |
crowd is not feeling very jubilant, having !
been whipsawed in the deal. The bull |
crowd had exacted differences all along |
the line of advance, and now that the
time had come to make up differences the |
other way, is unable to meet them, so |
that the peculiar spectacle is presented |
here of both bull and bears being singed |
at the same time. Frank Wilson received |
q dispatch tonight stating that Kershaw |
& Co. would meet their debts tomorrow. |
THE MILLERs PLEASED.
MINNEAPOLIs, MINI, June II The |
millers here are generally pleased at the !
collapse of the wheat corner. Inquiry |
shows ell the large holders of wheat TO
have sold largely in Chicago. Chicago |
prices are 4@4 above Minneapolis
prices, while the freight between
the cities is only 4t cents per bushel, and
it was Minneapolis shipments which con-
tributed to breaking the backs of the
clique. In fact it is said on the best
authority that Minneapolis dealers made
large amounts of money on to-day's deal.
They Cal now buy thst portion of their
sales not already shipped, at handsome
profit, and thus nearly reduce the cost
and stock of wheat.
GOVERNMENTS, STOCKS AND BONDS.
NEW YORK. June 1.-THE dealings in |
stocks to-day after the first hour were on |
q much larger scale than has been seen |
for several weeks. The break in the |
wheat deal in Chicago this morning. fol- /
lowing the excitement in the COffe !
market in the few days, caused q great |
deal of excitement and apprehension |
among the smaller classes of operators |
who now hold most of the f0ating
stocks and their efforts to realize upon |
their holdings gave the frs impetus to !
the downward movement, which assumed |
larger proportions later in the day. The
traders who ct present are bearish al
most to q man, Joined in the selling |
movement, and so created decided |
OreaK' Inc opening was irregular, |
and though the changes were
for insignificant fractions only |
declines we've in the majority. The bust
ness of the first hour was quiet to dull. |
The prices, though, at first were weak,
later recovered. Soon after II O'Clock,
however, 8 rush to sell began and the !
transactions of the second hour were about |
double those of the first. Prices moved |
of rapidly and by noon were to ID per
cent. below the opening figures. There
was a fractional recording ID the early |
part Of the afternoon, hut decline was
soon renewed and the losses;at 2 p. m
when the lowest prices of the day gen.
orally were made, were about equal to
those of the forenoon. In the last hour
the covering of the shorts turned the
tide, and a material recovery was made
before the close, which was quiet and
firm.
Railroad bonds were extremely dull.
Prices sympathiZed closely with shares
and ruled heavy to weak throughout the
day, Wabash general certificates being
for their sudden discount.
dill